Up to 11,646,723 shares, consisting of the following:
up to 1,000,000 shares of common stock issuable upon the exercise of common stock purchase warrants at an exercise price of $1.03 per share and 663,294 shares of common stock issued upon the cashless exercise of common stock purchase warrants*;
1,000,000 shares of common stock issued upon the exercise of common stock purchase warrants at an exercise price of $0.48 per share**;
1,438,096 shares of common stock, consisting of (i) 1,428,572 shares issued upon conversion of the note (“Stillwater Note”) issued to Stillwater Holdings LLC (f/k/a Stillwater LLC) (“Stillwater”) representing $500,000 of the principal amount of the Stillwater Note and (ii) 9,524 shares issued for accrued and unpaid interest under the Stillwater Note***; and
up to 7,545,333 shares of common stock issuable upon the conversion of Series B Convertible Preferred Stock.
Common Stock to be outstanding after the offering
32,232,529 shares assuming the full exercise of the warrants and full conversion of Series B Convertible Preferred Stock underlying shares which are included in this prospectus.****
Use of Proceeds
We will not receive any proceeds from the sale of the common stock; however, we will receive proceeds from the exercise of our warrants.
NYSE MKT LLC Symbol
On April 14, 2010, Stillwater elected to exercise 875,467 of its common stock purchase warrants on a cashless basis and received 663,294 shares of common stock.
On July 18, 2011, Stillwater elected to exercise its common stock purchase warrants at an exercise price of $0.48 per share and received 1,000,000 shares of common stock.
On July, 23 2007, Stillwater elected to convert $252,166.50 of the Stillwater Note, then outstanding, representing $250,000 of the principal amount of the Note due on July 23, 2007 and $2,166.50
as mentioned in the last CC ... equipment purchases are planned for this year ... they will have
to upgrade and increase capacity of other tooling to support the SNUP .. i would also assume that
new , better test equipment is needed .... a good question at this juncture would be " does the
new sealing machine have capacity to support the SNUP numbers " they may also be
considering bringing some of the wafer prep work in house at some time ...
in a way , i wish that i was still at IBM and sneak into the mfg floor and see what's what , along
with some commentary from line workers .... g